Please note that the ratings covered by this full analysis apply only to R+V Versicherung AG and KRAVAG-LOGISTIC Versicherungs AG. Intrinsic part of DZ BANK and the German cooperative banking sector. Successful bancassurance model in Germany. Overproportional business growth, which somewhat strains otherwise strong group capitalization. Declining operating performance because of worldwide natural catastrophes, from which the reinsurance segment has suffered. The ratings on Germany-based reinsurer, R+V Versicherung AG (RVV) reflect Standard&Poor's Ratings Services' view of RVV's intrinsic role as the holding and reinsurance company of the Germany-based R+V insurance group (R+V). R+V in turn forms a core operation of its majority shareholder DZ BANK AG Deutsche Zentral-Genossenschaftsbank (DZ BANK; AA-/Stable/A-1+) and of the German cooperative banking sector.
